SolarEdge Technologies (NASDAQ:SEDG) Rating Reiterated by Truist Financial

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “hold” rating reaffirmed by equities research analysts at Truist Financial in a research report issued on Tuesday, Benzinga reports. They currently have a $20.00 price objective on the semiconductor company’s stock. Truist Financial’s price target would suggest a potential downside of 19.35% from the company’s current price.

SEDG has been the subject of a number of other reports. TD Cowen lowered their price objective on SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Northland Securities downgraded shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. Morgan Stanley reduced their price objective on shares of SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft cut their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Finally, BMO Capital Markets dropped their price objective on SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating for the company in a report on Thursday, May 9th. Four investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $52.60.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock traded down $1.33 on Tuesday, reaching $24.80. The company’s stock had a trading volume of 794,659 shares, compared to its average volume of 3,211,839. SolarEdge Technologies has a twelve month low of $19.81 and a twelve month high of $167.87. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -5.33 and a beta of 1.52. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The business’s fifty day moving average price is $26.86 and its 200 day moving average price is $49.25.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. The company’s revenue was down 73.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.06 earnings per share. Equities analysts expect that SolarEdge Technologies will post -8.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Brevan Howard Capital Management LP boosted its holdings in SolarEdge Technologies by 110.3% in the 4th quarter. Brevan Howard Capital Management LP now owns 39,374 shares of the semiconductor company’s stock valued at $3,685,000 after purchasing an additional 20,654 shares during the period. Albion Financial Group UT grew its position in SolarEdge Technologies by 32.2% during the first quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock worth $278,000 after buying an additional 955 shares in the last quarter. International Assets Investment Management LLC raised its holdings in SolarEdge Technologies by 20,293.3% in the 4th quarter. International Assets Investment Management LLC now owns 103,802 shares of the semiconductor company’s stock valued at $9,716,000 after acquiring an additional 103,293 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of SolarEdge Technologies by 371.3% during the 4th quarter. Principal Financial Group Inc. now owns 288,935 shares of the semiconductor company’s stock valued at $27,044,000 after acquiring an additional 227,634 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of SolarEdge Technologies by 3,750.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 46,200 shares of the semiconductor company’s stock worth $3,243,000 after purchasing an additional 45,000 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.